This is what your private banking salary and bonus should be in Hong Kong
If you're a Singapore-based relationship manager considering a switch to Hong Kong private banking, you're not alone. Headhunters tell us many are considering the switch and that Hong Kong's higher compensation is a significant motivator.
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Private bankers in Hong Kong can earn US$ 170k higher salaries than in Singapore. A survey from Asian Private Banker released last year provided salary ranges for each level of seniority for relationship managers in Hong Kong. It said the most senior people can earn base pay of over half a million US dollars (HK$ 390k).
By comparison, Singaporean private banking market heads can only expect to make up to US$ 350k (HK$ 273k). In Hong Kong, you can earn a higher base pay as a team lead.
When it comes to total compensation (salary plus bonus), the pay between private bankers in Hong Kong and Singapore is even more extreme. Asian Private Banker suggests Hong Kong private banking market heads earn an average bonus of just over US$ 500k (roughly 1.25x average base pay), with an average total compensation of US$ 907k.
By comparison, Singaporean market heads only earn bonuses of $255k on average, roughly 0.75x base, giving them an average total compensation of US$ 595k.
Why are Singapore private bankers leaving for Hong Kong?
Zoey Han, a private banking headhunter for executive search firm BTI, said that "we’ve seen a noticeable backflow of bankers from Singapore to Hong Kong in recent years." Most are private bankers who previously left Hong Kong for Singapore in the first place. Han said remaining in Singapore is hard for a number of reasons, including "visa renewal challenges, rising cost of living in Singapore, and an overall recalibration of the [Singaporean] private banking industry." Better work-life balance may also play a role. Our 2025 salary and bonus survey showed that Hong Kong finance professionals worked almost 100 fewer hours per year on average than Singaporean professionals.
Han said that "returning to Hong Kong is no longer necessarily a negative decision, both commercially and career-wise." However, she also that "the consensus is that compensation is still generally lower than pre-COVID levels."
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